Limit on domiciliary account removed, Naira cards restriction should be the next

[EarnOnVictor]

I was greeted with one of the most relieving news of the year today "The limit on the domiciliary account has been lifted." No doubt that cryptocurrency has helped in place of a domiciliary account for cross-border payments, but certainly not in the area of savings in the USD with confidence, that's at least for me as the security of my money is important.

The limit restriction introduced by Emefiele's CBN in May 2021 must surely affect those of us that have been saving in dollars before cryptocurrency. This savings approach is good since it doesn't devalue our money and we also get to gain through it, and also with the hope that we can send our money anywhere in the world if need be. But suddenly, Emefiele made sure that our savings could not be transferred abroad anymore if sorted at home or use as we like, he scattered the whole process.

With this news, it shows that the new CBN acting head seems to know where some of Nigeria's problems lie. Causing more hardship is not the economic solution but allowing the market flows freely after making positive policies is. This restriction removal means that I can save and use my dollar like before.

You can try this too as a good option for saving in fiat.

Besides, another pressing issue that needs major attention by the CBN is that of the Naira debit and credit cards. These cards are now worthless in Nigeria, but all were working in cross-border swapping arrangements before Emefiele restricted them and caused more hardship for Nigerians in payments, especially where cryptocurrencies are not accepted.

People now use either third parties for payments of something that supposes to be private, and as such, pay more, or are forced to use the dollar version of the cards which goes with more issuance and maintenance fees thereby enriching the banks more.

It will be a great relief if the CBN could do this for Nigerians. They don't have an excuse anymore after removing the fuel subsidy.

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[lagosnoir]

I don't think the restrictions on using Naira cards for forex transactions will be removed. In the first place , it was restricted to stop banks from roundtripping - buying from government at official rate but selling to customers at near black market rate. What I expect no is that limits on USD cards issued buy banks will be lifted and you should be able to deposit cash dollars into your dorm account without too much formality, which was not allowed before.

I was greeted with one of the most relieving news of the year today "The limit on the domiciliary account has been lifted." No doubt that cryptocurrency has helped in place of a domiciliary account for cross-border payments, but certainly not in the area of savings in the USD with confidence, that's at least for me as the security of my money is important.

The limit restriction introduced by Emefiele's CBN in May 2021 must surely affect those of us that have been saving in dollars before cryptocurrency. This savings approach is good since it doesn't devalue our money and we also get to gain through it, and also with the hope that we can send our money anywhere in the world if need be. But suddenly, Emefiele made sure that our savings could not be transferred abroad anymore if sorted at home or use as we like, he scattered the whole process.

With this news, it shows that the new CBN acting head seems to know where some of Nigeria's problems lie. Causing more hardship is not the economic solution but allowing the market flows freely after making positive policies is. This restriction removal means that I can save and use my dollar like before.

You can try this too as a good option for saving in fiat.

Besides, another pressing issue that needs major attention by the CBN is that of the Naira debit and credit cards. These cards are now worthless in Nigeria, but all were working in cross-border swapping arrangements before Emefiele restricted them and caused more hardship for Nigerians in payments, especially where cryptocurrencies are not accepted.

People now use either third parties for payments of something that supposes to be private, and as such, pay more, or are forced to use the dollar version of the cards which goes with more issuance and maintenance fees thereby enriching the banks more.

It will be a great relief if the CBN could do this for Nigerians. They don't have an excuse anymore after removing the fuel subsidy.

[Doan9269]

I was greeted with one of the most relieving news of the year today "The limit on the domiciliary account has been lifted." No doubt that cryptocurrency has helped in place of a domiciliary account for cross-border payments, but certainly not in the area of savings in the USD with confidence, that's at least for me as the security of my money is important.

Additional link could help more in this to serves as reference point, next time please take note.

Things are not bound to remain the same way forever, there will always be change in due time, the then administration has done their own best of governance to the people by implementation of some policies they feels alright for the growth and development of the economy financial sector, let's see what get unfolds sooner after this present government have been well settled anr done with the current ongoing sanitation.

[CryptoHeadlineNews]

I was greeted with one of the most relieving news of the year today "The limit on the domiciliary account has been lifted." No doubt that cryptocurrency has helped in place of a domiciliary account for cross-border payments, but certainly not in the area of savings in the USD with confidence, that's at least for me as the security of my money is important.

The removal of the limit on our domicilliary account placed by Emefiele's led administration from $5000 spendable monthly limit to $10,000 daily limit to enable smooth & enabling environment for Forex trading is a welcome development that we surely going to benefit from and help our economy grow at large. Because from research and what I got from online, I was made to understand that this new policy was made so as to promote transparency, liquidity, and price discovery in the FX market in order to improve FX supply, discourage speculation, enhance customer confidence and ensure overall stability in the FX market. And a complete update can be seen in the link below https://www.google.com/amp/s/punchng.com/cbn-removes-saving-withdrawal-limits-on-domiciliary-accounts/%3famp

[SmartGold01]

This is a great news, I have never saved any money in USD in bank, although I have domiciliary account were I only transfer money from savings to current account without sending it directly to my dollar account. However, there was a day I wanted to just convert all my funds to USD without going to buy dollars to fund the account. Reason because I was told that I could be able to transfer from my current account to my USD account at some point when I wanted to carry out that action due to much devaluation of our Naira I wasn't able to carry out that action. Maybe if this news is confirmed then I will try it out to see how it would function freely.

Thank you sir.

[Mate2237]

Using USD to save money is different from using cryptocurrency. They are of different categories. I have not used dollar in any day so I don't know how good is dollar in savings. If ban has been lifted up then it is plus to the users. But I will still not advise anyone to save in USD. One of my brother told me last year that saving in USD is the best because it is stable in nature and bitcoin is not stable so I might loss my funds in bitcoin so he was advising me to save in dollar but I told that I like bitcoin more than dollar.
According to news this present president in Nigeria might devalue dollar in the country. So those who are saving in USD should be careful.

[CryptopreneurBrainboss]

I was greeted with one of the most relieving news of the year today "The limit on the domiciliary account has been lifted." No doubt that cryptocurrency has helped in place of a domiciliary account for cross-border payments, but certainly not in the area of savings in the USD with confidence, that's at least for me as the security of my money is important.

This one na very positive news wey land like this, but me no go advise make we save for dollars at this times, Main reason to saved for dollars na say Naira go weak more but you think with all tinubu is doing and Dangote refinery say Naira go weak more? Dem dun open border already and so many other development wey make sense dey happen. I know say the effect won't be felt immediately as e go take some time. Instead of saving for dollar, ruin am for Bitcoin and I no dey talk this one because say we dey this forum. The benefits plenty. Bitcoin na one coin wey be say no matter how bad the market bad reach, when the time for bull season, na him go lead the market and na better profits you go dey get so.

As for the matter of Naira restrictions abeg make dem no comot am but can increase the limit for daily transaction on our apps dem but make dem no release more naira into circulation abeg. We dun already dey adjust to this one make e stay like that. Too much Naira go commot value for the currency. You no see as dollars been dey cost for the country as e no dey easily accessible. Make dem make naira scare like dat small even though e no reach to the range wey dollars been scares reach. Banks app dey to use so why we need physical cash. If na for the rural areas wey be say our parents dey and dem no sabi operate this apps dem, make we dey send them cash and we dey make use of the apps.

[nelson4lov]

I was greeted with one of the most relieving news of the year today "The limit on the domiciliary account has been lifted." No doubt that cryptocurrency has helped in place of a domiciliary account for cross-border payments, but certainly not in the area of savings in the USD with confidence, that's at least for me as the security of my money is important.

~Snipped

As for the matter of Naira restrictions abeg make dem no comot am but can increase the limit for daily transaction on our apps dem but make dem no release more naira into circulation abeg. We dun already dey adjust to this one make e stay like that. Too much Naira go commot value for the currency. You no see as dollars been dey cost for the country as e no dey easily accessible. Make dem make naira scare like dat small even though e no reach to the range wey dollars been scares reach. Banks app dey to use so why we need physical cash. If na for the rural areas wey be say our parents dey and dem no sabi operate this apps dem, make we dey send them cash and we dey make use of the apps.

As much as CBN and the banking sector don try to push the cashless banking narrative for several years now, using cash is still inevitable and we been see the hardship wey been dey during that election time wey naira been scarce. If we go back to that situation again, other people will take advantage of the situation for personal gain again. Right now, not even cities are ready to fully embrace cashless policies and our banking system still need more work for instance, sometimes, you might want to make a payment and the bank app no go work because of network issue with bank. Sometimes, POS terminals suffer from this too and that thing dey really affect the user experience of using these cashless alternatives leading to inconvenience.

But if them improve these services and push for more adoption of cashless policies before enforcing mandatory naira scarcity like CBN been do for February time, then e no go dey as bad as e been dey. But doing that without improving the core infrastructure that powers alternative (cashless alternatives) dey bad. Where I been dey for school, one time, I been wan pay bike, no cash. Bikeman no fit take transfer because their bank get network issue.

I go like fit use my naira cards to pay for goods and services outside the Nigeria jurisdiction. I don tire to give my BVN and ID docs to these third party card service providers because them wan fulfil KYC/AML requirements. If govt can make our cards work again now USD is unified across the board, na good deal IMO.

[DaNNy001]

I was greeted with one of the most relieving news of the year today "The limit on the domiciliary account has been lifted." No doubt that cryptocurrency has helped in place of a domiciliary account for cross-border payments, but certainly not in the area of savings in the USD with confidence, that's at least for me as the security of my money is important.

Additional link could help more in this to serves as reference point, next time please take note.

Things are not bound to remain the same way forever, there will always be change in due time, the then administration has done their own best of governance to the people by implementation of some policies they feels alright for the growth and development of the economy financial sector, let's see what get unfolds sooner after this present government have been well settled anr done with the current ongoing sanitation.

Indeed it is a sanitation, I am hoping that all the changes this new administration is doing will help the growth of the economy because thats actually the priority of all administration that will and is ruling the nation. First I would like to commend them on the removal of the limit to the dollar account at least payment and savings on dollar will be efficiently carried out.

[Merit.s]

I was greeted with one of the most relieving news of the year today "The limit on the domiciliary account has been lifted." No doubt that cryptocurrency has helped in place of a domiciliary account for cross-border payments, but certainly not in the area of savings in the USD with confidence, that's at least for me as the security of my money is important.

Additional link could help more in this to serves as reference point, next time please take note.

Things are not bound to remain the same way forever, there will always be change in due time, the then administration has done their own best of governance to the people by implementation of some policies they feels alright for the growth and development of the economy financial sector, let's see what get unfolds sooner after this present government have been well settled anr done with the current ongoing sanitation.

Indeed it is a sanitation, I am hoping that all the changes this new administration is doing will help the growth of the economy because thats actually the priority of all administration that will and is ruling the nation. First I would like to commend them on the removal of the limit to the dollar account at least payment and savings on dollar will be efficiently carried out.

The new administration is working hard to see that the high level of poverty in the country is removed. I give kudos to the new CBN Governor on this move of the domitiliary account to be in proper function since Emefiele messed the system up and never wanted people to save in dollars. When I haven't known about bitcoin,I do believe in dollar savings because it will help one to still have the value of his funds in case naria depreciates. I don't think that I will be able to save in dollars anymore because bitcoin is the only hope when it comes to currency. I believe that with time Nigerians will be happy with Tinubu due to so much that he is planning on doing to reduce hardship on citizens and to make the Naira increase in value.

[Coyster]

E no get any policy wey Emefiele make as CBN governor wey make sense, sometimes me i dey wonder if he been dey make policies to purposely make Nigerians suffer, and the then president PMB was as clueless as he is, so he didn't see anything bad in it, and he endorsed every one of Emefiele's regressive policies.

Removal of this limit make sense wella, we suppose they champion free market, that is the only way we go fit they allure investors to bring in foreign currencies, the banks go also come get enough reserves wey dem go fit use run their own investments for profits, na win-win. Emefiele just block everyting so that na only him and the high and mighty go fit dey make money, whilst other Nigerians go dey suffer.

[CryptoHeadlineNews]

E no get any policy wey Emefiele make as CBN governor wey make sense, sometimes me i dey wonder if he been dey make policies to purposely make Nigerians suffer, and the then president PMB was as clueless as he is, so he didn't see anything bad in it, and he endorsed every one of Emefiele's regressive policies.

Removal of this limit make sense wella, we suppose they champion free market, that is the only way we go fit they allure investors to bring in foreign currencies, the banks go also come get enough reserves wey dem go fit use run their own investments for profits, na win-win. Emefiele just block everyting so that na only him and the high and mighty go fit dey make money, whilst other Nigerians go dey suffer.

Na true talk you talk there my brother, and we thank God say Baba Tinubu was able the see the major problem affecting our economy and tackling it immediately he entered that office, because at least that 8yrs of "Buhari" really opened our eyes to a whole lot of things for we contri. Because imagine the closing of the boarder & the reduction of our FCMB & GTB master cards from $3000 monthly spending to roughly $100-$300 per month, wey was a really better update for guys back then as they go use those cards buy BTC on platforms such as "Simplex" and "Mercuryo" at cheap price and then transfer the funds to Binance and sell at black market rate and make cool profit. But Oga Emefiele came and scatter all the whole update for niggas like us.. But shah, we pray for the betterment of out dear nation someday

[Charles-Tim]

People now use either third parties for payments of something that supposes to be private, and as such, pay more, or are forced to use the dollar version of the cards which goes with more issuance and maintenance fees thereby enriching the banks more.

You are correct.

The dollar card issuance fee in the bank that I am using is quite not expensive, which is ₦1000 in 3 years, but the maintaining fee is quite expensive, a fee of ₦7500 annually. In total, it is expensive. I do not spend much internationally for now and I do not see any reason of going for the bank dollar card.

Worth knowing that you can only fund the dollar card not directly from the bank but from sellers with parallel market prices.

Two common third parties are Chipper cash and Payday. When dollar was at ₦752 naira in parallel market, it was around ₦780 on Chipper cash. Payday is of no difference which makes you correct. Their rate is expensive, and a maintenance fee of ₦2000 for Chipper cash. I have not used Payday before, but people said it is expensive just as Chipper cash.

This one na very positive news wey land like this, but me no go advise make we save for dollars at this times, Main reason to saved for dollars na say Naira go weak more but you think with all tinubu is doing and Dangote refinery say Naira go weak more? Dem dun open border already and so many other development wey make sense dey happen. I know say the effect won't be felt immediately as e go take some time. Instead of saving for dollar, ruin am for Bitcoin and I no dey talk this one because say we dey this forum. The benefits plenty. Bitcoin na one coin wey be say no matter how bad the market bad reach, when the time for bull season, na him go lead the market and na better profits you go dey get so.

Even if someone speculate very well, regardless of naira to appreciate against dollar or not, there are better times to hold bitcoin, and it is time like this when we are heading towards halving. But good for long term holding. If you want to use your money anytime soon, holding bitcoin is not advisable. Let us see what will happen, I still think we need to increase productivity in Nigeria, we should not only focus on petroleum, although it will help us to some extent, but if we do not focus on other aspect and increase the country work force, we are lagging behind as usual in Africa.

[Zaguru12]

I have not used Payday before, but people said it is expensive just as Chipper cash.

It’s almost similar to the Chipper cash, it is just a little bit cheaper than chipper cash but I wouldn’t advise on using it, At least for now. Because first their Master card or virtual card purchase sucks because most of the time if you pay they don’t activate it on time. Then concerning funding the account it is most at time’s frustrating because the affiliate banks( wema and sterling bank) that they give one to send money to usually sit on the funds for days. Then withdraw from the account is sometimes frustrating and then their support doesn’t help they just apologize and take long to respond to one’s request. I would advise you to stick to chipper cash but at least with the new policy one wouldn’t need to go round all this again.

Even if someone speculate very well, regardless of naira to appreciate against dollar or not, there are better times to hold bitcoin, and it is time like this when we are heading towards halving. But good for long term holding. If you want to use your money anytime soon, holding bitcoin is not advisable. Let us see what will happen, I still think we need to increase productivity in Nigeria, we should not only focus on petroleum, although it will help us to some extent, but if we do not focus on other aspect and increase the country work force, we are lagging behind as usual in Africa.

This actually what the country needs, diversification and not solely dependent on the oil sector alone. The past administration tried to diversify back to the Agric sector but most of the policy they implemented like restricting the importation of goods into the country didn’t just work out and also the schemes were just to siphon funds.
The best this current can do is just to create an enabling environment for investors to invest in the current. And also address the illegal mining of the precious metals we have by setting up proper mining facilities.

[EarnOnVictor]

Additional link could help more in this to serves as reference point, next time please take note.

Thanks for your observation but I deliberately did omit that as there is no need for such. If you read my post well, you would realise that I only expressed my thought, feelings and wish rather than sharing the news or quoting the news and its details.

But I will still not advise anyone to save in USD

I am surprised about this advice, so you are telling me that people should have 'all' their savings in cryptocurrency? I will rather buy physical assets than do that. No matter how I advocate for crypto investment, I still do not invest 'all' my money, I ensure that I distribute them accordingly. And instead of having about 25% which is my fiat savings in Naira, I will rather have almost all in USD.

I can't risk all my money in virtual assets, what if anything happens? I am too smart for that.

One of my brother told me last year that saving in USD is the best because it is stable in nature and bitcoin is not stable so I might loss my funds in bitcoin so he was advising me to save in dollar but I told that I like bitcoin more than dollar.
According to news this present president in Nigeria might devalue dollar in the country. So those who are saving in USD should be careful.

Let me commend your brother, he's smart and his view can never be wrong, only that you might just save a proportion for it. And it's true that the removal of the fuel subsidy would help to increase our foreign earnings, and by virtue of that reduce the pressure on NGN. But note that this is Nigeria, another problem will naturally present itself to make that effect not noticeable.

And quote me, if there would be any adjustment in the exchange rate in favour of the Naira, it would be very little.